on 17-04-2020 12:26 PM
We act for a couple where the Husband is the Sole Proprietor. The wife is to be added to the Title as Joint Tenant (NSW Property).
Is this Transfer able to be done on PEXA?
If yes, what option do we choose for 'consideration type' when creating the Transfer? The five options available do not seem to apply to this transaction type.
on 21-04-2020 03:11 PM
NSW Part tenancy transfers can be completed electronically.
A Part Tenancy Transfer is used where there is a change in tenancy where at least one Proprietor on Title is remaining on title.
The transacting Proprietor on Title (transferor):
• Is in a Tenant in Common, Joint Tenant or Sole Proprietor ownership, and
• Is transferring their ownership (part or whole) to:
→ An Incoming Proprietor currently not on title, or
→ A Proprietor on Title who is already on title.
Please refer to the following instructions for how to complete Part-tenancy Transfer:
As for the consideration type you will need to contact Land Registry Services for advice on the most applicable selection for your transaction.
on 01-04-2021 02:36 PM
If no transfer duty is payable as the transfer is of vacant residential land which is intended to be used as the site of the family home and the property will be held as joint tenants do i still need to select 'yes' to financial settlement?